LINDSAY Australia claimed to have achieved record revenue, profit, and dividends for the full year ending 30 June 2023.
Lindsay said its FY23 execution was supported by a commitment from the Transport business, with expanded client interest for cargo administrations in both road and rail.
Operating revenue for the full year in 2023 was $676.2 million, an increase of 22.3% (or $123.2 million) over the previous comparable period.
The underlying net profit after taxes increased by 95% to $36.5 million, and the underlying EBITDA increased by 50.3% to $90.3 million.
Lindsay Australia CEO, Clay McDonald, said, “The Transport division led the way with a significant uplift in demand for Lindsay’s Road, rail and depot handling services. The team demonstrated exceptional agility, capability and customer service to handle a significant increase in demand, driven by strong volumes in the horticultural and produce market, industry consolidation and positive consumer demand for fresh, chilled and frozen products.”
McDonald stated that the WB Hunters business, which was acquired in July, is expected to benefit the Rural company in FY24 from eleven months of trade.
“The team demonstrated exceptional agility, capability and customer service to handle a significant increase in demand, driven by strong volumes in the horticultural and produce market, industry consolidation and positive consumer demand for fresh, chilled and frozen products,” McDonald added.
It stated that it is implementing “cornerstone initiatives” such as increased rail use as a mode of transportation, ongoing investment in a modern fleet, and higher payload combinations.
Rail services account for 25% of Lindsay’s transportation revenue, but rail kilometres now exceed road kilometres for the first time in the city’s history.
“By continuing to invest in our people, property, equipment and technology, we aim to build or bolt on additional capacity, scale and capability to support future growth and shareholder value,” said McDonald.